The global syringes and needles market is expected to reach USD 36.13 billion by 2028 and register a CAGR of 6.5% over the forecast period.
NEW YORK CITY, NY, USA, Sept. 12, 2022 /EINPresswire.com/ — The global syringe and needle market is expected to reach USD 36.13 billion in 2028 and register a CAGR of 6.5% over the forecast period , according to the latest report published by Reports and Data. The major drivers of global market revenue growth are increasing manufacturing of disposable needles and syringes due to increase in COVID-19 vaccination globally, increase in blood transfusions and the growing number of diagnostic tests.
A syringe is a medical device used to inject or withdraw fluid from the body. It consists of a needle attached to a hollow cylinder fitted with a sliding piston. The plunger (piston) can be pulled or pushed inside the tube, which allows the syringe to draw in or expel fluids or gases. These syringes are commonly used to administer injections, therapeutic drugs, vaccines or to draw blood. The main factors responsible for the increase in demand for syringes are the increase in the cases of chronic diseases, the increase in the need for organ transplants and the increase in the number of vaccination campaigns. Factors such as growing demand for home healthcare, growing demand for safety syringes and needles, and increasing number of surgical procedures are fueling the growth of the global market. In addition, increasing elderly population, increasing demand for disposable syringes in hospitals, diagnostic centers and clinics, and increasing investment for development of improved syringes and needles are other factors. which are driving the revenue growth of the global market.
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However, the high cost of disposable syringes, rising risks of needle-stick infections and diseases, and increasing adoption of needle-free injection technology are key factors that are expected to hamper the overall market growth during of the forecast period.
Some highlights of the report:
Based on the type, the biopsy segment is expected to register a rapid revenue CAGR during the forecast period to increase the incidence of cancer types and rare blood diseases, increase awareness of early diagnosis and biopsy tests , and the availability of advanced and safe biopsy needles.
Based on materials, the disposable segment is expected to account for a much larger revenue share between 2021 and 2028 due to high prevalence of chronic diseases, growing demand for disposable syringes in connection with coronavirus vaccinations, risk high rate of infection from reusable syringes and needles, growing demand for injectable drugs and growing number of diagnostic tests.
Among end-uses, the hospital and clinic segment is expected to account for the largest share of revenue during the forecast due to the high prevalence of chronic diseases, increasing number of surgeries, and improvement in healthcare facilities. Other factors such as high birth rate, increasing geriatric population, availability of latest injectable devices and growing number of clinics and hospitals across the globe are driving the revenue growth of the segment.
Europe is expected to account for significant revenue growth over the forecast period. This can be attributed to factors such as high prevalence of chronic and lifestyle diseases, increasing number of tests and surgeries, rapid advances in syringes and needles, increasing presence of health facilities well-developed and increased investment for the development of advanced and safe needles. and syringes.
Asia-Pacific market revenue is projected to grow at a rapid CAGR of 8% from 2021 to 2028 owing to rising incidence of chronic diseases such as cancer, diabetes and cardiovascular disease, improving healthcare facilities and increased diagnostic testing and blood collection. In addition, increased investment in research and development activities, increased health expenditures, increased number of hospitals and clinics, and increased vaccination campaigns are other factors that are boosting revenue growth in Asia-Pacific.
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Asia-Pacific is expected to lead the market growth over the next few years owing to the rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is expected to witness the highest market growth over the forecast period, owing to increasing availability of robust healthcare facilities and clinics, legalization of medical marijuana, a favorable reimbursement scenario, presence of key market players and rapid technological advancements in the region.
Rising popularity of over-the-counter drugs is driving the growth of the market
Rising incidence of acute and chronic diseases and limited access to advanced medical facilities due to low levels of disposable income are driving the demand for over-the-counter drugs. The availability of inexpensive, generic alternatives to medical therapies is another factor that plays a major role in the demand for over-the-counter drugs.
Restriction on product launches and R&D activities to hamper market growth
Imposition of strict government regulations and lack of funds have halted product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing safety and approval regulations are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, licensing agreements, partnerships, mergers and acquisitions, collaborations and joint ventures to gain a strong foothold in the market.
Key Companies Featured in the Report:
DeRoyal, Albert David Ltd, B. Braun Melsungen AG, Terumo Corporation, Connecticut Hypodermics Inc., Insulet, Septodont, Medtronic plc, Becton Dickinson, Schott AG, Cardinal Health Inc., Smiths Medical, Covidien Plc, Thermo Fisher Scientific, Hamilton Company , Merck, Novo Nordisk A/s and Nipro Medical Corporation
Syringes and Needles Market Segmentation:
Product Type Outlook (Revenue, USD Billion, 2018-2028)
Material Type Outlook (Revenue, USD Billion, 2018-2028)
Application Outlook (Revenue, USD Billion, 2018-2028)
North America (United States, Canada, Mexico)
Europe (Germany, UK, Italy, France, BENELUX, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, rest of LATAM)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of Middle East and Africa)
Frequently asked questions addressed in the report:
What is the revenue growth rate of the global Syringes and Needles market during the forecast period?
What are the major factors driving the growth of the global syringes and needles market?
What are the major challenges impacting the growth of the global syringes and needles market?
What are the results of the SWOT analysis and Porter’s five forces analysis conducted in the report?
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